Dow Jones: Record High Powered by Banks and Energy, Powell’s Guidance Awaited

Boeing rose 3.4% after securing an $8 billion order from Uzbekistan Airways, with reports also pointing to ongoing talks with China. Goldman Sachs and JPMorgan added support to the Dow, lifting it to an intraday record.

On the healthcare side, Kenvue recovered 3.9% after Monday’s steep selloff tied to political remarks from the Trump administration linking Tylenol use to health risks.

S&P Global’s flash manufacturing PMI fell to 52 in September from 53 in August, pointing to softer factory activity. Chicago Fed President Austan Goolsbee noted that easing inflation gives the central bank “some space” for rate cuts, though traders remain wary of a potential hawkish tone from Powell. Futures markets continue to price in two additional cuts this year, but strategists caution that could change quickly if Powell signals caution.

Market outlook

Wall Street’s resilience in September, often a weak month for equities, has been underpinned by tech momentum and optimism around artificial intelligence. Yet valuations remain stretched, leaving traders focused on earnings season and Fed policy signals.

If Powell confirms scope for more easing while economic growth holds, history suggests the S&P 500 could extend gains—previous cycles of Fed cuts alongside growth delivered median 12-month returns of 15%.